Crypto community reacts to Russia's war in Ukraine

Published at: Feb. 25, 2022

Russia's military intervention in Ukraine has elicited a strong reaction from the cryptocurrency community. The news of the invasion initially sent Bitcoin (BTC) and other cryptocurrencies tumbling.

The U.S. government has since responded to Russia's invasion with stringent economic sanctions that have helped crypto prices rebound from their initial price collapse. Amid all the doom and gloom, there are a few voices of hope in the crypto community.

Ethereum co-founder Vitalik Buterin, a Russian citizen, voiced vocal opposition to Russia's invasion and said the country should not have abandoned the prospect of a peaceful resolution to the conflict. 

FTX CEO Sam Bankman-Fried decided to step up and offer monetary support to Ukrainian traders. Every Ukrainian account holder registered on the FTX cryptocurrency platform is eligible for $25 in free money, Bankman-Fried announced on Twitter, writing: "we just gave $25 to each Ukrainian on FTX do what you gotta do."

we just gave $25 to each Ukrainian on FTXdo what you gotta do

— SBF (@SBF_FTX) February 24, 2022

The crypto community responded to a Twitter message asking for donations to the country's troops and called on the Ministry of Defense to set up a crypto wallet; thus far, none has been created due to the country's rules.

As the Russia-Ukraine conflict continues, more individuals are turning to Bitcoin to help finance the Ukrainian military. According to a report from blockchain analysis firm Elliptic, people have given over $400,000 worth of BTC to the non-governmental organization Come Back Alive. The NGO provides military equipment, medical supplies, and food supplies to the local army. In addition, a mysterious contributor recently donated 80 BTC, worth over $3 million at current prices, to the charity organization supporting the Ukrainian army.

Very concerned with what's happening in Ukraine right now, and doing everything I can to support them during these difficult times.I've just donated $10,000 to The Ukrainian Red Cross to assist victims of this war. I encourage everyone reading this to also help out if they can. pic.twitter.com/JdCiiHvtaj

— Mr. Whale (@CryptoWhale) February 25, 2022

Related: Crypto community rallies with Ukraine as local NFT artists' works sell out

Cyber Alliance, a community of Ukrainian cyber activists, has received approximately $100,000 worth of Bitcoin, Ether (ETH), Litecoin (LTC), and a mix of stablecoins over the previous year.

Pussy Riot, a Russian rock band known for its protests against the government, has teamed up with Trippy Labs and PleasrDAO to create UkraineDAO. The UkraineDAO will sell Ethereum NFTs to aid Ukrainians affected by the war. Ten thousand NFTs of the Ukrainian flag will make up the NFT drop. The money raised through sales of this coin will be donated to NGO Proliska and the Return Alive Foundation.

welcome to @Ukraine_DAO.our goal is to raise funds to donate to Ukranian civilian organizations who help those suffering from the war that Putin started in Ukraine. we'll be buying an NFT of Ukrainian flag. much support and love to Ukraine @TrippyLabs @PleasrDAO pic.twitter.com/cxVS7OiP2K

— (@pussyrrriot) February 24, 2022
Tags
Decentralization
Adoption
Cryptocurrencies
Russia
Ukraine
Related Posts
Digital gold narrative valid as long as MicroStrategy holds Bitcoin, says exec
As some industry executives have questioned Bitcoin (BTC) as being the digital gold amid a massive market crash on Thursday, other experts continued to support the digital gold narrative for now, or until whale investors like MicroStrategy cash out. Ki Young Ju, CEO of South Korean on-chain analytics resource CryptoQuant, took to Twitter on Thursday to report that his platform has not observed any “significant on-chain activities” as of 11:00 AM UTC. Institutional investors who bought Bitcoin via on-chain transactions seem to have not sold their holdings yet, Ju wrote, adding that “institutions running algorithmic trading bots think BTC is …
Adoption / Feb. 24, 2022
EU Commission to remove Russian banks from SWIFT cross-border network
The European Commission announced to remove a number of Russian banks from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) messaging system, aimed at hindering Russia’s capacity to carry out cross-border payments. In a joint statement released by the European Commission, leaders from France, Germany, Italy, the United Kingdom, Canada, and the United States highlighted their shared interest in defending Ukraine from the war against Russia: “We will hold Russia to account and collectively ensure that this war is a strategic failure for Putin.” While condemning the Russian president Vladimir Putin’s move to lay siege across Ukraine, the EU Commission …
Adoption / Feb. 27, 2022
After years of doubts and concerns, it is finally Bitcoin’s time to shine
Gold has served as a store of value for thousands of years. Due to this, investors have widely used it as a hedging tool against the effects of recessions and inflation often caused by geopolitical tensions. In light of recent events such as the COVID-19 pandemic and, more recently, the military crisis between Russia and Ukraine, many investors have sought alternatives to gold and other precious metals as hedging options. As we approach a digitized age, it is a prerequisite that alternatives to gold are equipped to deal with the future. In this search for a contender to challenge gold’s …
Adoption / March 26, 2022
For the crypto industry, supporting sanctions is an opportunity to rebrand
One of the first punitive measures leveled against Russia in response to the military invasion of Ukraine was the implementation of economic sanctions aimed at isolating the country from the international financial system. On March 12, Russian banks lost access to the international payments and messaging network SWIFT, and private sector payment companies, such as Visa, PayPal and Mastercard, were close behind. But while these highly regulated and publicly scrutinized organizations were quick to react to the crisis, concerns quickly mounted that the Russian state, as well as companies and oligarchs associated with it, could turn to digital currency exchanges …
Adoption / May 8, 2022
War had no impact on Ukraine’s regulatory approach to crypto, Kyiv lawmaker says
A year after Russia’s invasion, Ukraine continues working on cryptocurrency legislation, but the war has not changed its regulatory stance, according to a Kyiv official. Ukraine has continued to follow in the footsteps of the European Union in regard to adopting digital asset laws, Ukraine’s securities commissioner Yurii Boiko told Cointelegraph in an interview. Boiko said that the Ukrainian lawmakers have been working to implement major European crypto regulations, known as the Markets in Crypto Assets regulation, or MiCA. “The approach to the regulation of the virtual asset market has not changed during the war,” Boiko stated, adding: “We clearly …
Adoption / Feb. 28, 2023